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Morgan Stanley is restructuring the investment management business by moving executives into new roles, the bank said in a memo on Thursday, as head Dan Simkowitz looks to improve the unit's structure.

The Singapore Exchange is in preliminary talks to buy London's iconic Baltic Exchange as the city-state seeks to expand and bolster its traditional influence in the shipping and commodities business amid increasing competition from Shanghai.

Warren Buffett had $1.4bn wiped from his fortune Tuesday after Wells Fargo fell 3.3% as the fallout continued from revelations that bank employees had opened more than 2m accounts without clients’ approval.